What amount of revenue or income from the


Farm co leased equipment to union co on july 1, 2015, and properly recorded the sales- type lease at $66,977, the present value of the lease payments discounted at 6%. The first of five annual lease payments of $15,000 due at the beginning of each year of the lease term was received and recorded on july 3, 2015/ Farm had purchased the equipment for $65,207. What amount of revenue or income from the lease should Farm report in its 2015 income statement?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: What amount of revenue or income from the
Reference No:- TGS0939583

Now Priced at $10 (50% Discount)

Recommended (91%)

Rated (4.3/5)